CULedger, a credit union industry initiative for developing innovative applications of distributed ledger technology, on Wednesday announced the formation of a new credit union service organization called CULedger, LLC.
CULedger, the initiative, is supported by the Credit Union National Association, the Mountain West Credit Union Association, Best Innovation Group, credit union system partners and credit unions. CULedger said credit unions will have a majority ownership in the newly formed entity.
The CUSO is planning informational sessions in September and October for credit unions interested in investing in the new organization. There also will be a search for a CEO for the blockchain network following the investor sessions. Anyone interested in receiving more information about these informational sessions can express their interest
“CULedger is an opportunity for credit unions to be leaders of innovation in financial services,” Rudy Pereira, president and CEO of $2.3 billion Premier America Credit Union, Chatsworth, Calif., and chairman of the CULedger steering committee, said in a statement. “Getting involved now in CULedger and CULedger, LCC will offer credit unions the ability to participate in shared ledger technology that is on path to reshape the credit union industry as a whole in the years to come.”
Organizers of CULedger say shared ledger technology creates an online system through which multiple certified parties can securely exchange information and conduct transactions with those exchanges certified by all the organizations – called nodes – participating in a permissioned network using distributed ledger technology that is being adopted by financial institutions worldwide.
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